What are the advantages to getting an electric car?

The short-term advantages are: they're cheaper to run, easier to drive and simpler to maintain. The main long-term advantage is that because EVs are zero emission, our built up areas and cities will have much cleaner air for us all to breathe. That reduces risk of ill health and death and, of course, protects and preserves our planet and wildlife.

What are the disadvantages to getting an electric car?

EVs can be expensive to purchase (that's where electric car subscriptions can help) and charging or range is a blocker for some people. It doesn't have to be, though, as you can turn charging on its head and make it work for you with a bit of planning.nnAs for range, it's said the average UK driver does no more than 30 miles per day; nearly all modern EVs would happily get you around in that scenario with just one charge per week. That doesn't stop range anxiety creeping in of course, but Jess from the team has written about her experience and how she quickly overcame it.

How can I afford an electric car?

At the moment, electric cars are more than their ICE (internal combustion engine) equivalents. But, that doesn't mean they're out of reach.nnYou could think about leasing an electric car, but leases still often require a large upfront deposit and lengthy contracts. With electric car subscriptions, you can usually get an EV delivered to your door within a week with no deposit required and just a 60 day or 12 month minimum term.

How much will my electricity bill go up with an electric car in the UK?

A good question. The cost of electricity is in flux for a number of reasons and will likely remain so for some time. That said, even charging an electric car from home all the time, it's highly likely you'll still end up paying less than if you were to add fuel costs for your ICE car (internal combustion engine) to your existing utility bills.nnSo, in short, you'll notice your electricity bill go up a fair bit -- but when you compare to what you were spending each month overall, you should notice a saving.nnWe've written about how depsite charging cost increase, electric car drivers still save money on our blog.

The best non-cash employee benefits

By Josh Bowness

Sep 20, 2023

To cement your business as an employer that values its workforce, it’s important to not just offer your employees a decent salary and bonus and expect that to be enough. While money is a key consideration for employees and future employees, the overall package you provide will be what transforms a new starter into a loyal employee. As part of this, you need to consider which non-cash employee benefits to offer your employees.

Anything from cinema tickets and flexible working hours to a workplace pension or salary sacrifice scheme – the greater the range of benefits, the better.

In this post, we’re going to explore the best non-cash benefits for employees, including what they are, why they’re important and what your business should consider implementing to keep employees engaged, satisfied and loyal.

Someone driving their Vauxhall Mokka-e. The wing mirror has an elmo air freshener dangling from it.

What are non-cash employee benefits?

Non-cash employee benefits, otherwise known as non-monetary incentives or perks, are a form of compensation offered to employees in addition to their salaries. They’re used to ensure employees feel valued, appreciated and seen as more than just a number. In return, employees are more likely to be engaged, efficient and productive, which ensures they’re delivering their very best work.

Non-cash benefits can take many different forms, from gym memberships to private healthcare. They’re meant to appeal to the wants and needs of your employees to help their physical and mental health, as well as help their money go further.

What are the benefits of non-monetary incentives?

Employers and employees have a two-way relationship, and the success of one directly feeds into the other. Yes employees may turn up and work if offered nothing but their basic salary, but they won’t be as engaged or efficient as they might be with additional, non-monetary incentives. And there’s nothing wrong with this – it’s human nature. The more employees receive, the more likely they are to go the extra mile.

The benefits are felt across your organisation. Not only will your employees feel the effects, but your entire business will reap the rewards of:

Greater job satisfaction
More engagement and motivation
Greater employee health and wellbeing
Enhanced job satisfaction
More loyalty
Improved work ethic

Better work-life balance
Positive workplace culture
More innovation and creativity
Increased flexibility
Less employee turnover
Attract top industry talent

Two friends in the front of a Vauxhall Mokka-e laughing.

5 of the best non-cash employee benefits to reward your employees

Non-cash employee benefits are designed to be entertaining, help employees use their money more effectively and – ultimately – make their lives that bit easier. They can be small, like free tea and coffee at the office, or they can be large, like childcare vouchers.

Here are five of the best non-cash employee benefits your organisation can offer its people.

1. Car salary sacrifice scheme

Getting to and from work is much easier if your employees have access to a new and reliable car. Unfortunately, leases can be restrictive and buying is expensive, which means a lot of employees won’t have many options. A salary sacrifice scheme offers every employee a flexible and affordable way to get behind the wheel of a brand-new car. Plus, with an electric car salary sacrifice scheme, there’s the added benefit of driving a car that’s far more affordable and reliable to run, too.

Through salary sacrifice, employees can save as much as 60% off the cost of an EV subscription, meaning they can save money in multiple ways while ensuring a far smaller environmental impact.

As well as benefiting your employees, it also means your business is doing its part to lower its carbon footprint. It also has the added benefit of having a net zero cost to your business. For more information read our employer guide to salary sacrifice.

2. Flexible work arrangements

If the pandemic taught employers one thing, it’s that employees are capable of working remotely. Switching to a fully remote work environment might not necessarily be the way forward for the majority of employers, but offering employees the flexibility to work from home, pop out for a longer lunch break or pick up a child from school goes a long way to creating a happier and less stressed workforce. It also helps employees have a better work-life balance, which increases focus and productivity.

The rear three quarters of the Vauxhall Mokka-e exterior. Parked next to a graffiti wall.

A man driving a Kia e-Niro down a country road.

3. Wellness programmes

Even with a solid work-life balance and plenty of learning opportunities, employees can still experience challenges with their mental and physical health. As a result, opportunities to develop their wellness can go a long way towards protecting the mental and physical health of your employees.

This includes gym memberships, fitness classes, mental health workshops, counseling sessions, mental health resources and more. You can even offer employees additional ‘mental health time’, which can be just a couple hours a week that employees can use for self-care.

4. Health benefits

Certain health benefits are required by law, such as sick pay, however, additional benefits can help employees receive a greater range of healthcare more in line with their budget and in a shorter period of time. Private medical insurance can help employees receive care as and when they need it, which not only helps protect their health, but can lessen absenteeism.

As the NHS struggles to meet patients’ demands, providing employees with health insurance gives them added peace of mind.

5. Workplace pensions

In the UK, automatic enrolment in workplace pension schemes has been mandatory for over a decade. However, it’s still an important non-cash benefit as it boosts employees’ pension pots which ensures they pay less income tax and NICs while taking home a little more pay every month.

An employee can opt out of the scheme, but it’s not recommended that they do. It’s also not something that an employer should encourage employees to do. By law, employers must enrol employees in a workplace pension scheme.

Offer your employees an EV through a salary sacrifice scheme

A salary sacrifice scheme is a fantastic way for employers to offer a no-cost benefit to their employees that enables them to get something they want or need while paying much less.

At elmo, we help employers offer their employees an electric car via salary sacrifice, meaning they could save up to 60% off the cost of an EV subscription. So, not only do they get to drive their own EV, which is already a far cheaper option than a petrol or diesel car, but they’ll save even more money in the process.

Your business will also do its part by helping the environment. For more information, contact us today.

FAQs

Which employee benefits are tax free?

Tax-free employee benefits include: Cycle schemes, mileage allowances, meals, sports facilities, childcare arrangements, relocation expenses, work mobile phone, christmas parties and workplace parking.

What are benefits-in-kind?

Benefit-in-kind (BiK) relates to the tax employees pay when they receive non-cash benefits, such as a company car or healthcare. For more information read our guide to benefit-in-kind tax.